CFO Report: Bank execs look to IT for answers in challenging times
The financial crisis has magnified the need to align risk and finance data, putting chief financial officers (CFOs) and chief risk officers (CROs) under increasing pressure to deliver consistent, integrated information to senior management, boards, regulators and investors. The days of convoluted reconciliations and explanations are fading — consistency and transparency are the order of the day.
Personnel from finance, risk, operations, and IT are coming together to bring data into greater alignment at many banks. By doing so, they hope to set conditions that will allow for deep and far-reaching improvement not just in their data infrastructures but also in their ability to manage performance, make better business decisions, and credibly document their financial and risk positions.
Read these insights for perspective on what is happening at some of the largest global banks:
- Four reasons IT complexity at financial institutions is unparalleled
- Three effects of the financial crisis on banks’ reporting and analysis requirements
- Three steps toward achieving standardization, alignment and automation
Banks’ Moving Target: Sourcing, Analyzing, and Reporting Data in Challenging Times.